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Month: February 2021

Category:
  • Prices

Oil Futures Slide As Dollar Gets Stronger

Oil fell the most since November with a stronger dollar and concerns surrounding inflation weighing on crude’s best start to the year on record. Futures in New York declined 3.2% Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Prices

Crude slides on stronger dollar; market eyes OPEC+ supply boost

 Crude oil futures finished the week sharply lower as a stronger dollar and expectations of rising global supply continued to pull prices off 13-month highs seen earlier this week. Not Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Prices

Why Oil Bulls Aren’t Backing Down

While there is still plenty of potential new oil supply on the market, particularly from OPEC+, analysts remain very bullish and banks are beginning to talk about $100 oil. In Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Prices

Reuters Poll: Bankers See Steady Rise In Oil Prices

Brent crude will average $59.07 per barrel this year, according to a Reuters survey of analysts. This is up from last month’s consensus on an average of $54.47 a barrel, Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Prices

ICE says existing Dated Brent price assessments to remain valid to June 2022

 The Intercontinental Exchange said Feb. 26 that crude futures and swaps contracts listed up to June 2022 and referencing the S&P Global Platts Dated Brent assessment in its current form Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Iran

Russia says U.S. gave little warning before Syria strike

Russia was given about four to five minutes warning of the Biden administration’s first military action when it struck Iranian-backed militias in eastern Syria early Friday, according to Russian Foreign Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Climate

United Nations: Countries’ pledges to cut emissions are far too meager to halt climate change

Pledges made by so far by countries around the globe to cut greenhouse gas emissions fall strikingly short of the profound changes necessary to avoid the most catastrophic impacts of Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Iran

Syria condemns ‘cowardly’ U.S. air strikes on Iran-backed militias

Syria said U.S. airstrikes against Iranian-backed militias in the east of the country on Friday were a cowardly act and urged President Joe Biden not to follow “the law of Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • OPEC

OPEC+ Compliance With Oil Production Cuts Jumps To 103%

The OPEC+ group of producers complied at 103 percent with the oil output cuts in January, higher than the estimated compliance in December, Argus reports , citing three delegates from Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Angola

Dangers of Big Oil Spending Cuts Are Visible in Angola’s Slump

The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya today, shows the heavy toll of a slump in oil-industry Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria Needs Private Security On Vessels to Tackle Piracy

Oil theft Nigeria has been advised to review its maritime security rules and enlist the support of private security companies to tackle rampant piracy on its waters. A report published Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • India

India’s Largest Refiner To Invest $4.5 Billion To Boost Capacity

Indian Oil Corporation (IOC), the country’s biggest refiner and fuel retailer, plans to invest US$4.46 billion (329.46 billion Indian rupees) to expand the processing capacity of its Panipat refinery by Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • China

China’s Oil Reserves Near Limit

China’s crude oil reserves have reached a level equal to 100 days of imports, Bloomberg has reported , citing unnamed sources in the know, which is near the country’s storage Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Hydrogen
  • Japan

Toyota’s New Fuel Cell Module Could Be A Gamechanger For Hydrogen

Toyota Motor Corporation has developed a fuel cell system module and looks to start selling it after the spring this year in a bid to promote hydrogen use and help Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • China

Xi’s Carbon Goals Get Cold Reception From Polluting Refiners

To see the gulf between China’s ambitious carbon-neutral goals and the desire of its companies to maintain breakneck growth, look at Shandong’s oil refineries. The coastal province, a hub for private Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Hydrogen

Toyota develops packaged fuel cell system module for sale

Toyota Motor Corporation has developed a product that packages a fuel cell (FC) system into a compact module; the company plans to begin selling it in the spring of 2021 Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • coronavirus

Why the three biggest vaccine makers failed on Covid-19

As pharmaceutical companies raced to develop Covid-19 vaccines, crossing the finishing line in record time, the world’s three biggest vaccine makers were also-rans. GlaxoSmithKline, Merck and Sanofi are now left Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Shale Oil

Oil Rig Count Inches Higher As Prices Drop

Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 this week. The total number of active oil and gas Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Natural Gas Supply

Texas Freeze Led To Second-Highest Natural Gas Withdrawal Ever

The extreme winter weather last week resulted in the second-largest withdrawal of natural gas from storage in the U.S. as demand spiked, the Energy Information Administration (EIA) said on Friday. Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • USA

Soaring U.S. Incomes Help Drive Biggest Spending Gain Since June

U.S. personal incomes soared in January as Americans received another round of pandemic-relief checks, helping to re-charge the economy with the strongest spending advance in seven months. The 10% gain in Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • USA

Renewable Energy Advocate Granholm Confirmed For Top Energy Post

Renewable energy ally and fossil fuel foe Jennifer Granholm was confirmed by the U.S. Senate on Thursday to lead the Department of Energy by a 64/35 vote. The former Governor Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Coal

Weekly US coal train loading decline 9.3 trains/day on week, driven by PRB drop: STB

Weekly US coal train loadings averaged 57.9 trains/day in the week ended Feb. 19, down 9.3 trains/day from the previous week and down 15.3 trains/day from the year-ago week, Surface Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

Texas, Midwest refiners thaw out their plants after polar vortex

US refiners are restarting their plants after the recent deep freeze stretching from the Texas Gulf Coast north through the Midwest impacted refinery operations across a broad swath of the Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • coronavirus

U.S. near authorization of Johnson & Johnson COVID-19 vaccine

U.S. regulators on Friday said they would work quickly to authorize Johnson & Johnson’s COVID-19 vaccine for emergency use after a panel of outside advisers backed the one-shot immunization. The Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

Oil Crash Pushed 2020 U.S. Output to First Drop in Four Years

U.S. crude production decreased for the first time in four years in 2020 as the pandemic crushed global oil demand. American crude output averaged 11.313 million barrels a day last year, Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Electricity

Texas’s Power Market Is $1.3 Billion Short After Energy Crisis

Texas’s grid operator needs to come up with $1.3 billion to pay power plants for the energy they supplied during last week’s historic blackouts, raising the prospect it may require Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Electricity

Griddy Barred From Texas Power Market for Payment Breach

Griddy Energy LLC, a Texas retail electricity provider that came under fire after its customers received exorbitant power bills during the energy crisis last week, was barred from participating in Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • USA

Biden’s New Energy Secretary Eyes Big Investment to Boost Clean Technologies, Harden Electric Grid – WSJ

The new U.S. energy secretary said Friday she plans to revive a $40 billion loan program for energy projects and to push for improvements to the country’s electric grid in Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Refining

Petrochemical restart efforts continue post-freeze

US Gulf Coast petrochemical producers were working to restart facilities that shut when a deep freeze hit the region the week of Feb. 15, but those efforts faced ups and Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Electricity

Texas lawmakers face ‘conundrum’ of getting gas-fired power to gas wells, pipes

The “chicken-and-egg” problem of getting power to natural gas production and transportation facilities using electricity from generators that could not get sufficient natural gas was the “commonsense” issue that infuriated Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Natural Gas Supply

ANALYSIS: US natural gas production hits 11-month high as V-shaped recovery takes hold

Haynesville, Permian gains lift output to 92.7 Bcf/d Henry Hub balance-2021 curve falls below $3/MMBtu Forwards, futures markets shrug off storage risk A rapid recovery in output from shale basins Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Electricity

Former FERC, DOE officials mull Texas, climate, transmission policy quandaries

Hill sees path for FERC to aid state climate leadership LaFleur skeptical FERC can revive backstop siting authority A new Center on Global Energy Policy-hosted “Straight Talk” discussion series tackled Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Aviation

ARPA-E releases $10M for 6 projects developing electrical systems for fully-electric aviation applications

ARPA-E released $10 million in funding for 6 projects as part of the Connecting Aviation By Lighter Electrical Systems ( CABLES ) topic. CABLES is one of a set of Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • coronavirus

AstraZeneca, Sputnik vaccines face hurdles if COVID shots become annual affair

Vaccines from AstraZeneca, Russia’s Gamaleya Institute and Johnson & Johnson fight the coronavirus with another virus, leaving scientists concerned the shots may lose potency if annual inoculations become necessary to Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Russia

Extreme Winter Stopped Russia From Benefiting From Higher OPEC+ Quota

Extreme winter weather in Russia, at least more extreme than usual for Siberia, resulted in lower Russian oil production so far in February compared to January and lower than the Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Russia

Nord Stream 2 gas link developer shrugs off Wintershall Dea loan move

 The developer of the almost-complete Nord Stream 2 gas pipeline from Russia to Germany said Feb. 26 that it had the financing in place to complete the pipeline, shrugging off Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Germany
  • Hydrogen

Germany receives 200 hydrogen project applications in IPCEI call

Germany’s energy ministry has received around 200 hydrogen project proposals seeking funding under the Important Projects of Common European Interest (IPCEI) program, it said Feb. 25. The IPCEI call was Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Biofuels
  • United Kingdom

UK introducing E10 fuel nationwide in September

E10 gasoline blends (10% ethanol) will be introduced at gasoline stations across the UK in September 2021. Its introduction on UK roads could cut transport carbon dioxide emissions by 750,000 Continue Reading

Posted On : 27 Feb 2021 Published By : Tom Whipple
Category:
  • Prices

Oil Prices for Feb. 26, 2021: Brent Crude, WTI

Oil’s record start to 2021 was under pressure from a selloff in bond markets that spooked risky assets. While crude futures declined on Friday, global benchmark Brent has rallied to its best-ever Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Prices

Oil Hits Highest in More Than a Year With Global Supply Draining

Oil climbed to the highest in more than a year amid optimism of swiftly depleting global oil inventories. Futures in New York closed 0.5% higher on Thursday. The oil futures curve Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Prices

How High Can Oil Really Go?

Oil price revisions started cautiously: some banks saw Brent crude averaging $65 a barrel this year, and others, of a bolder nature, predicted that the oil benchmark could climb to Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Climate

Gulf Stream system at weakest in a millennium due to climate change

The Gulf Stream system has weakened to its slowest pace in more than a thousand years, according to scientists, as global warming makes the powerful ocean current that controls much Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Climate

Scientists see stronger evidence of slowing Atlantic Ocean circulation, an ‘Achilles’ heel’ of the climate

A growing body of evidence suggests that a massive change is underway in the sensitive circulation system of the Atlantic Ocean, a group of scientists said Thursday. The Atlantic meridional overturning Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria losing 200,000 b/d to crude oil theft as sabotage grows: NNPC

Nigeria is losing an average of 200,000 b/d of its crude oil production to theft, state-owned Nigerian National Petroleum Corp. said Feb. 25, indicating a surge in pipeline sabotage in Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • China

China claims to have eliminated poverty. But the figures mask harsh realities.

To great fanfare, Chinese leader Xi Jinping on Thursday declared his country’s “complete victory” over extreme poverty. In an hour-long speech delivered from the Great Hall of the People in Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • USA

The Oil Industry Is Ready To Fight President Biden In Court

Reeling from the effects of the pandemic, the oil industry is in no mood to fool around. When newly inaugurated President Joe Biden canceled the Keystone XL pipeline project, refiners Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • USA

Which Banks Are The Biggest Backers Of Oil And Gas?

About a month ago, BlackRock Inc.  the world’s largest asset manager with $9 trillion in assets under management (AUM), sent shockwaves through the fossil fuel sector after it vowed to Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Climate
  • USA

The Staggering Cost Of Weather-Proofing U.S. Infrastructure

As extreme weather conditions wreak havoc on America’s largest energy producing states, can they continue to provide for their citizens? The combination of climate change and aging infrastructure could soon Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Natural Gas Supply
  • USA

Natural Gas Production Plunged 45% During The Texas Freeze

Natural gas production in Texas collapsed by 45 percent during the cold snap last week, primarily due to freeze-offs, the Energy Information Administration (EIA) said on Thursday, citing estimates from Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple
Category:
  • Exxon

Exxon Shocks As Oil Reserves Drop By A Third

Exxon slashed its oil reserves by almost a third in what is the most radical reserve revision in the company’s modern history. The supermajor reported reserves totaling 15.3 billion barrels Continue Reading

Posted On : 26 Feb 2021 Published By : Tom Whipple

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